Coinbase 2021 Card Review: Features, Fees, Pros and Cons
GOBanking Rate Score
Quick setting: The Coinbase Card is an encrypted debit card that allows users to earn up to 4% rewards for every purchase made. The card has no annual fees or registration fees, making it the most attractive option for many crypto traders. Other than that, cardholders can use the card anywhere Visa debit cards are accepted.
- Customer service
How did we calculate this?
- Supports multiple cryptocurrencies
- Generous crypto rewards
- Intuitive mobile app
- Contactless payments
- Robust security
- Ability to turn a crypto account into a usable bank account
- 2.49% cryptocurrency liquidation fee
The cryptocurrency industry has grown in popularity a lot in recent years, with cryptocurrency exchanges introducing better ways for consumers to get the most out of their favorite coins.
Coinbase is one of the largest cryptocurrency exchanges in the United States, offering a wide selection of digital assets. It currently offers a debit card that allows users to earn rewards and other perks every time they spend.
Learn more about what the card offers in this Coinbase Card review.
What is the Coinbase Debit Card?
The Coinbase Debit Card is a Visa card that allows you to earn up to 4% rewards every time you make a purchase. This card is like any other traditional debit card, but it allows you to make purchases using cryptocurrency instead of cash.
It’s basically a Visa debit card tied to your Coinbase crypto account balance that you can use anywhere that accepts Visa cards. You don’t have to liquidate your digital assets every time you visit a store – Coinbase does it for you. For each transaction, the card automatically converts digital assets into US dollars.
When signing up for a Coinbase debit card, you will be given the option to choose your preferred rewards. You can choose between 1% back in Bitcoin or 4% back in Stellar Lumens. However, you can switch between the two reward structures whenever you find one more appealing than the other. Once you’ve set up your preferred reward offering, Coinbase can credit your rewards to your account after each transaction.
Features of the Coinbase card
Take a look at some of the features offered by the Coinbase card.
$ 0 annual fee
The Coinbase debit card has no annual fee, making it one of the most preferred crypto debit cards. You can shop at your favorite stores and earn rewards, and you don’t have to pay an annual fee.
Supports multiple cryptocurrencies
The Coinbase wallet supports a wide selection of cryptocurrencies, including:
- Stellar lumens
- Bitcoin Cash
Even though the Coinbase wallet supports multiple coins, keep in mind that you can only earn rewards for bitcoin (BTC) and Stellar Lumens (XLM).
With the Coinbase Debit Card, you don’t have to worry about losing your digital assets because Coinbase has extensive security to protect your coins. Plus, it has two-step verification and you can instantly freeze your account if you suspect it has been compromised.
As mentioned earlier, the Coinbase card allows you to earn rewards every time you buy from your favorite stores. You can earn up to 4% crypto related rewards, including 1% in Bitcoin and 4% in XLM.
Coinbase will pay out your rewards once the transaction is complete. It will usually take between one and five days for the rewards to arrive in your account, but the exact times will depend on the merchant.
Additionally, Coinbase gives you the flexibility to choose your preferred reward structure, with the ability to switch between the two at any time.
You can make contactless payments using the Coinbase card at your favorite stores, as long as the store has a near-field communication terminal, also known as NFC, activated.
When it comes to fees, the Coinbase card stands out. From no card issuance fees to no annual fees, you’ll likely get the most out of it without racking up an annual fee. However, you will still have to pay a fee depending on how you use the card.
Coinbase will charge you a 2.49% transaction fee for every purchase, including ATM withdrawals. For example, if you spend $ 200 Bitcoin with your Coinbase card, you will need to pay a fee of 2.49%, or $ 4.98.
Coinbase has an intuitive mobile app that makes it easy to manage your spending on the go. You can track your spending habits, balance, change rewards, and change your card settings right from your phone.
Another cool feature of the Coinbase card app is the ability to choose which crypto you want to spend. You can also turn on app notifications so you don’t miss any important information.
Benefits of the Coinbase card
- Almost no costs: The Coinbase card has no annual fees, registration fees, or card issuance fees.
- Robust security: With the Coinbase Debit Card, you can rest assured that your digital assets are safe. Two-step verification, instant card freeze, and other security features will protect your card and digital assets.
- Generous rewards: The card offers up to 4% crypto-related rewards, including 4% in Stellar Lumens and 1% in Bitcoin.
- Contactless payments: You can pay with a contactless payment method at your favorite stores and even withdraw cash from any ATM machine.
Disadvantages of the Coinbase card
- 2.49% Cryptocurrency Clearance Fee: One of the major drawbacks of the Coinbase card is the high liquidation fees of the cryptocurrency. You will need to pay a 2.49% transaction fee for all purchases.
Is it safe?
Coinbase is among the most secure debit cards on the market today. With two-step verification, instant card freeze, and other security features, your coins and card are safe.
You can contact Coinbase customer service by phone, email, and through the mobile app. If you believe your account has been compromised, you can call Coinbase through its automated phone support to deactivate your account.
For anything else, including recovering your account after it’s deactivated, you will need to submit an email request. Additionally, Coinbase has a Help Center where you can get most of your questions answered.
While Coinbase does not offer live chat support, you will likely get the help you need with the customer service options available.
Who is it best for?
If you are an active crypto trader, the Coinbase Card might be the crypto debit card you have been looking for. The card is also ideal for anyone who wants to earn rewards for their daily purchases.
The Coinbase card is without a doubt one of the most popular crypto debit cards on the market. The card has almost no fees, supports multiple cryptocurrencies, and offers generous rewards for daily spending, making it the option of choice for many traders and investors.
Coinbase card faq
Here are the answers to some of the most frequently asked questions about the Coinbase card.
- Is the Coinbase card free?
- The Coinbase card does not charge a fee, as long as you spend in USDC. Other transactions carry a 2.49% liquidation fee or on purchases such as ATM withdrawals when using another form of crypto.
- How does a Coinbase card work?
- The Coinbase card allows you to draw the balances in your Coinbase account from cryptocurrencies to make purchases. For each transaction, the exchange automatically converts the crypto to US dollars.
- Can I use my Coinbase card anywhere?
- The Coinbase card is a Visa card and you can use it anywhere Visa is accepted.
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